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ME Online Savings Account

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Alison Banney
Alison Banney
Last updated:  

Earn a highly-competitive interest rate of up to 1.2% p.a. on your hard-earned savings.

This online savings account offers a competitive rate of bonus interest each month you meet the account conditions. To be eligible for the bonus interest rate all you need to do is link your ME Online Savings Account to a ME Everyday Transaction Account and make at least four purchases using tap & go with your Debit Mastercard each month. These purchases must be processed within the month (they can't be pending). There's no monthly deposit conditions to meet.

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Details

Product NameME Online Savings Account
Maximum Variable Rate1.2% p.a.
Standard Variable Rate0.05%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age12

Key features

Ongoing, variable interest rate of 1.2% p.a. when you link with a ME Everyday account and have at least four tap & go purchases processed per month.

The bonus interest is payable up to amounts of $250,000 in your ME Online Savings Account. To be eligible for the bonus interest rate you need to link your ME Online Savings Account to a ME Everyday Transaction Account and make at least four purchases using tap & go with your Debit Mastercard each month. These purchases must be settled within the month, and cannot be pending.

NOTE: Purchases made in the month which aren't processed until the following month (for reasons beyond ME's control) are not eligible purchases for bonus interest.

Base interest rate of 0.05% p.a.

Regardless of your savings account deposit or the amount of monthly deposits, your account balance will have a variable interest rate of 0.05% p.a. applied to it monthly. This means you'll still earn interest even if you don't meet the purchase condition.

Launch savings calculator

How to apply

If you like the idea of total accessibility and no fees to save your money, you can apply for the ME Online Savings Account by clicking 'go to site'.

Eligibility

Before following the link to the secure application form, make sure that you are eligible for the account by checking the following requirements:

  • Age eligibility. You must be at least 12 of age to open this savings account, and fill out the application on your own.
  • Resident eligibility. Citizens and permanent residents of Australia are eligible to apply as well as Australian residents for tax purposes. You must have an Australian residential address.

Expert review

Alison Banney

Review by

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This savings account makes it really easy to earn the bonus interest. You’ll get the 1.2% bonus rate when you link the account to a ME Everyday Transaction account and make four tap & go purchases a month with your ME debit mastercard.

While this rate is quite competitive, you can get a higher rate if you opt for a different account. However you'll likely need to commit to a monthly deposit requirement and might also be restricted from making withdrawals, so keep this in mind when comparing your options.

These four purchases can be of any value, so it could be as easy as buying four coffees in the month. These purchases must be settled not pending by the last day of the month, so make sure you’ve made these purchases with a few days to spare in the month. Just make sure you’re not making unnecessary purchases for the sake of meeting the bonus interest.

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149 Comments

    Default Gravatar
    Aim
    October 11, 2019

    Can I withdraw from ME account and deposit into ANZ account?
    Can I withdraw from ANZ account and deposit into ME account?

    Reply
      Avatarfinder Customer Care
      Jeni
      October 12, 2019

      Hi Aim,

      Thank you for getting in touch with Finder.

      You may transfer some funds from non-ME or non-ANZ bank accounts via their mobile app or a Direct Credit Request. If you need further assistance on this matter, please reach them out directly.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

      Reply
    Default Gravatar
    Dianne
    August 28, 2019

    Are funds with ME bank government guaranteed?

    Reply
      Avatarfinder Customer Care
      Jhez
      August 29, 2019

      Hi Dianne,

      Thank you for your comment.

      Yes, your total deposits in ME are protected up to a limit of $250,000. This protection is provided as part of the Financial Claims Scheme (FCS), which is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails. Hope this helps.

      Regards,
      Jhezelyn

      Reply
    Default Gravatar
    Rick
    October 15, 2018

    If I open a second Everyday Transaction Account, can I get the bonus interest on a second Online Savings Account? Or is it limited to the first online savings account, regardless of how may Everyday Transaction Account there are?

    Reply
      Avatarfinder Customer Care
      Jhez
      October 16, 2018

      Hello Rick,

      Thank you for your comment.

      Upon checking, you’re automatically eligible for bonus interest on your first online savings account unless it was opened before 10/08/15, in which case you’re only eligible upon request.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

      Reply
    Default Gravatar
    Anne
    October 5, 2018

    When is the interest on the ME online savings account calculated and paid?

    Reply
      Avatarfinder Customer Care
      Jeni
      October 5, 2018

      Hi Anne,

      Thank you for getting in touch with finder.

      ME savings accounts calculate the interest daily and paid them monthly.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

      Reply
    Default Gravatar
    Jan
    February 23, 2018

    Do I have to have permanent residency to open ME Online savings?

    Reply
      Avatarfinder Customer Care
      Jhez
      February 23, 2018

      Hi Jan,

      Thank you for your comment.

      Part of the eligibility criteria in applying for an ME online savings account is to be an Australian citizen or permanent resident. You can also apply if you are a resident for tax purposes with an Australian residential address. Please refer to the list of the requirements above under the “How to Apply” tab to see other eligibility requirements.

      Regards,
      Jhezelyn

      Reply
    Default Gravatar
    Jacob
    January 5, 2018

    I’m looking to switch banks, hoping to open an everyday transaction account with multiple linked online savings accounts. With ME will the 2.95% interest rate apply to any online savings account I open with them, or only the first account?

    Reply
      Avatarfinder Customer Care
      Joanne
      January 6, 2018

      Hi Jacob,

      Thank you for visiting finder, we are a financial comparison website and general information service.

      The ongoing, variable interest rate of 2.95% p.a. on your first ME Online Savings account when you link with a ME Everyday account and make a weekly tap & go purchase.

      Best Regards,
      Joanne

      Reply
    Default Gravatar
    Belinda
    January 3, 2018

    I have $2,000,000 want to put it into an accessible bank account to be able to buy 2 homes in the next year. Looking for 2.8% or higher for whole balance and for it not to be just the first 3 months , ING and Commonwealth cannot do it as they have this cut out of balances over 100,000 or so then it reverts to 1% and 1.35%

    Reply
      Avatarfinder Customer Care
      Joanne
      January 3, 2018

      Hi Belinda,

      Thank you for visiting finder, we are a financial comparison website and general information service.

      Should you wish to check on other options, you may go ahead and visit this page and see if there would be any that would meet your needs. You may click on more info or go to site to get additional details.

      Cheers,
      Joanne

      Reply
    Default Gravatar
    Kenny
    October 21, 2017

    Hi I’ve got a few questions

    1. If I open up an account with ME, can I deposit funds from my other banks through online transactions directly? How long is process? Will there be any transaction fees incurred?

    2. Is the online savings account linked to everyday account automatically if I open them up simultaneously?

    3. Is it correct for me to assume that the transaction function of the everyday account is limited to transferring funds between accounts under ME?

    4. Are students under temporary graduate visa 48 eligible to open up the account?

    Thanks for your assistance.

    Reply
      Default Gravatar
      Danielle
      October 22, 2017

      Hi Kenny,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      1. According to their website, you can make deposits whenever you like by transferring money from your nominated linked account using internet banking. You can also make deposits from an non-nominated account i.e. an account that is not currently linked to your Online Savings Account. You can open your account straight away online provided they can successfully ID you. ME Bank offers you unlimited transactions into and out of your savings account without charging any fees.

      2. It is not stated if it will be linked automatically, but you will have the option to link your Online Savings Account to any other bank account in the same name (where your account is held in joint names your nominated account must also be in the name of the joint account holders).

      3. According to their FAQ’s, they only transfer money to and from Australian bank accounts.

      4. You need to be an Australian citizen, permanent resident or resident for tax purposes with an Australian residential address.

      I hope this helps.

      Cheers,
      Danielle

      Reply
    Default Gravatar
    Jay
    September 29, 2017

    Hi The weekly tap and go requirement, does it have to be on a certain day of the week or any day of the week is fine? thanks

    Reply
      Avatarfinder Customer Care
      Rench
      September 29, 2017

      Hi Jay,

      Thanks for your inquiry.

      Any day of the week is fine. You also need to link this account with ME Transaction Account within 14 days from account opening. If your linked account is a non-ME bank account, you will not be eligible for the bonus rate.

      Hope this helps.

      Cheers,
      Rench

      Reply
      Default Gravatar
      Jay
      September 29, 2017

      Hi, what if i am overseas and can not tap&go, can i simply make a purchase with the card?

      Reply
      Avatarfinder Customer Care
      Rench
      September 29, 2017

      Hi Jay,

      Yes, you can still make a purchase using ME Everyday Transaction Debit Mastercard. It’s up to you if you want to use the Tap & Go feature. Open a ME Online Savings Account as well as a ME Everyday Transaction Account.

      Contactless payment EFTPOS machines are available at everyday retailers, such as Woolworths, Coles, Caltex Petrol, 7-Eleven, etc.

      Cheers,
      Rench

      Reply
    Default Gravatar
    Abhishek
    September 24, 2017

    Hi there,
    I was wondering where I can find information about the savings account with the 3.05% interest rate. I cant seem to find that information anywhere on your website.
    Regards
    Abhishek

    Reply
      Avatarfinder Customer Care
      Dee
      September 24, 2017

      Hi Abhishek,

      Thanks for your question.

      The current maximum variable rate for this account is 2.95% p.a.

      The 3.05% rate was the rate offered in the previous months.

      Cheers,
      Anndy

      Reply
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